BOSSES at a video games developer are in a race against time to save the firm and the jobs of its 74 workers.

Midway Games in Gateshead was put on the market after its US owners fell into financial difficulty and filed for chapter 11 bankruptcy.

Last month a £20.2m rescue bid for the global developer was made by Warner Bros, but the deal did not include Midway’s San Diego or Gateshead studios.

This means that under the chapter 11 code, the Gateshead operation has until June 24 to secure a qualified bid from buyers or investors before facing possible extinction. Studio head at Gateshead, Craig Duncan, is confident the studio’s future will be secured by new investment which could see it taken over by another firm or relaunched as an independent maker.